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Travelers Company Workers Compensation Residual Market Contract Extended
DIFP, Nov 09, 2006
JEFFERSON CITY, MO – The Missouri Department of Insurance has extended Travelers Commercial Casualty Company’s contract as the insurer for the Missouri Alternative Residual Market Plan. As part of that extension, Travelers filed a revised rate structure with the department that includes a premium level decrease of 2.8 percent. The decrease will not affect all classification codes as individual class codes fluctuate based upon other factors such as payroll and previous losses.
The Missouri Alternative Residual Market Plan covers about 5,500 employers, with estimated premiums of $46 million for 2006. The plan was created to provide workers’ compensation and employer’s liability insurance to applicants who are in good faith entitled to such coverage but who are unable to purchase such coverage by ordinary methods through the voluntary market.
It began operation in 1995 and is currently administered by a “contract carrier” selected by the Missouri Department of Insurance following a bid process. The contract period will run from July 1, 2006 through June 30, 2007.